pSTAKE is a liquid staking protocol for PoS assets on Ethereum, Cosmos, BNB Chain, and Persistence.
PoS token holders can deposit their tokens onto the pSTAKE platform to mint 1:1 pegged ERC-20 pTOKENs (e.g. deposit $ATOM to get $ pATOM). Users can further convert pTOKENs into wrapped ERC-20 stkTOKENs, which represent the staked position of the native PoS token, in a 1:1 ratio. stkTOKENs accrue staking rewards in the form of pTOKENs. pSTAKE allows its users to utilize stkTOKENs in supported DeFi protocols to earn additional yield on top of their staking rewards.
$PSTAKE is the governance and incentivization token of the pSTAKE protocol. It will be used to incentivise the core contributors of the pSTAKE ecosystem, and also as a dis-incentivization token in case stakeholders staking the token act maliciously or are unable to perform their respective duties appropriately.